Well, at least they're back to performing small in a positive way. I guess we fell asleep and didn't notice this:
>>EDISON, N.J., May 11, 2001 /PRNewswire via COMTEX/ -- New Brunswick Scientific Co., Inc. (NBS) (Nasdaq: NBSC chart, msgs), today announced its financial results for the 2001 first quarter, which ended March 31, 2001.
For the first quarter of 2001, net sales of $14,700,000 increased 39.5 percent from the $10,541,000 reported for the comparable 2000 quarter. Net income improved dramatically, reaching $114,000, or $0.02 per share, compared with a net loss of $1,378,000, or $0.21 per share, for last year's opening three months. Gross margin decreased during the quarter to 39.6 percent from 42.9 percent a year ago, primarily as a result of the effect of the strong dollar on the Company's international operations. The margin impact was much more than offset by SG&A expenses, which were relatively flat, amounting to 27.9 percent of sales compared with 38.0 percent in the year-earlier period, and by a 19.4 percent reduction in research, development and engineering expenses.
Commenting on the results, New Brunswick Scientific co-founder and Chairman David Freedman said, "The strong sales performance during the year's opening three months reflected significantly higher order intake for our ultra-low temperature freezer lines, particularly the accelerating demand for our new VIP (vacuum insulated panel) freezers. We are pleased to report that shipments for this line were double those of last year's first quarter. We also experienced sharply increased shipments of shakers, fermentors and custom bioprocess systems."
He continued, "Net losses related to our DGI BioTechnologies operation amounted to $518,000 during the year's first three months-still a significant drain, but down 29.5 percent from last year's reported loss of $735,000. As previously announced, we have received a commitment from an institutional investor to make a substantial investment in DGI in return for a significant ownership interest. That commitment, while preliminary, is anticipated to reduce New Brunswick Scientific's ownership interest to less than 50 percent. However, there can be no assurances that the transaction will be consummated. We look forward to reporting further details this month."
New Brunswick Scientific Co., Inc., designs and manufactures a wide variety of research equipment and scientific instruments for the life sciences.
This press release includes statements that may constitute forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties, including without limitation risks relating to the development by DGI of its technology, that could cause actual results to differ materially from the forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
NEW BRUNSWICK SCIENTIFIC CO., INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per-share amounts)
(Unaudited)
Three Months Ended
March 31,
2001 2000
Net sales $14,700 $10,541
Operating costs and expenses:
Cost of sales 8,882 6,019
Selling, general and administrative expenses 4,100 4,009
Research, development and engineering expenses 1,431 1,776
Total operating costs and expenses 14,413 11,804
Income (loss) from operations 287 (1,263)
Other income (expense):
Interest income 18 12
Interest expense (152) (149)
Other income (expense), net (28) (7)
(162) (144)
Income (loss) before income
tax expense (benefit) 125 (1,407)
Income tax expense (benefit) 11 (29)
Net income (loss) $114 $(1,378)
Basic income (loss) per share $.02 $(.21)
Diluted income (loss) per share $.02 $(.21)
Basic weighted average number of
shares outstanding 6,728 6,538
Diluted weighted average number of
shares outstanding 6,728 6,538
Selected Balance Sheet Items
(Dollars in thousands)
March 31, Dec. 31,
2001 2000
(unaudited)
Cash and cash equivalents $2,125 $2,473
Inventories 17,307 16,721
Property, plant and equipment, net 5,725 5,936
Total assets 41,976 43,006
Accounts payable and accrued expenses 7,960 8,200
Shareholders' equity 25,310 25,942
Working capital 22,114 15,068
Current ratio 3.7 to 1 2.0 to 1<<
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Cheers, Tuck |
